Bank of America Corp

bankofamerica.com

What Do They Do?

Provides banking, investing, asset management and other financial services to consumers and businesses, institutional and corporate clients, and governments.

How Do They Make Money?

Customers pay fees for placing debt or equity securities and arranging loan syndications. Underwriting fees are earned when placement work is complete; advisory fees are generally earned when a transaction closes or a fairness opinion is delivered.

revenue

Segment	Share	How money arrives
Underwriting income Sold outright	50% FY2022: 41%	Sold outright
Syndication fees	21% FY2022: 22%
Financial advisory services Sold outright	29% FY2022: 37%	Sold outright

Who Are Their Customers?

Serves individual consumers and wealth clients, businesses and corporations, and institutional investors and governments. Wealth clients work with financial advisors; commercial and corporate clients are served through offices and relationship teams, while institutional investors receive sales, trading and research services.

Do Revenues Turn Into Profits?

Yes. It kept 27 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

27% of revenue

▲ +13% vs FY2024 ($27B, 25%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +15%; vs $27.4B in Q2 FY2025
Net income: ▲ +27%; vs $7.2B in Q2 FY2025

Underwriting income share of investment banking fees vs 56.4% in Q2 FY2025

Growing. Revenue grew 27% in 4 years, from $89.1B in FY2021 to $113.1B in FY2025, about 6% a year.

Revenue over time

Underwriting income Syndication fees Financial advisory services

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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